证券研究报告 公用事业|电力 公司点评 2024年04月25日 桂冠电力 (600236.SH) 买入 ——分红比例大超预期 水电资产配置彰显价值 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年年报与2024年一季报，2023年全年实现归母净利润12.26亿元， 刘晓宁 S1350523120003 同比下降61.8%，2024年一季度实现归母净利润4.4亿元，同比增长46.0%。2023年度拟 liuxiaoning@huayuanstock.com 分红0.12元/股，分红比例77.16%，加上已经实施的中期分红，全年总分红比例达到128.59% 研究支持 ➢ 来水持续偏枯，导致业绩下滑，2024年一季度业绩增长或来自火电改善与新能源增长。受拉 尼娜现象影响，红水河流域 2023 年以来降雨持续偏少，公司 2023 年水电发电量同比减少 41.50%，2024年一季度继续偏枯，水电发电量同比减少7.38%。但是公司2024年一季度业 联系人 刘晓宁 绩逆势增长 46%，我们分析主要系一季度水电发电量本身基数较低，整体业绩受火电和新能 S1350523120003 源的影响较大。公司2024 ...

Financial Performance - Net profit attributable to shareholders in 2023 was RMB 1,225,950,064.27[4] - Revenue in 2023 decreased by 23.85% to RMB 8,091,005,363 compared to 2022[17] - Net profit attributable to shareholders of the listed company dropped by 61.80% to RMB 1,225,950,064 in 2023[17] - Operating cash flow decreased by 38.16% to RMB 4,079,048,834 in 2023[17] - Basic earnings per share (EPS) fell by 63.48% to RMB 0.1448 in 2023[19] - Weighted average return on equity (ROE) decreased by 12.71 percentage points to 6.93% in 2023[19] - Total assets increased by 4.50% to RMB 47,279,846,262.92 in 2023[18] - Revenue in Q4 2023 was RMB 1,994,038,841.08, showing a slight decline compared to previous quarters[22] - The company reported a significant loss in operating cash flow in Q4 2023, amounting to RMB -1,900,033,623.62[22] - The company's net assets attributable to shareholders decreased by 3.16% to RMB 18,305,870,441.57 in 2023[18] - The company achieved a total profit of 1,579.83 million yuan in 2023, a decrease of 2,625.54 million yuan compared to the previous year[41] - In 2023, the company's operating income was 8,091.01 million yuan, a decrease of 23.85% year-on-year, primarily due to reduced power generation[42] - Operating costs in 2023 increased by 7.28% to 5,657.29 million yuan, driven by higher fuel costs, new unit depreciation, and increased safety fees[42] - The company's hydropower sector generated a profit of 1,316.18 million yuan, a decrease of 2,811.46 million yuan compared to the previous year[41] - Wind power profit increased by 42.48 million yuan to 313.53 million yuan, while photovoltaic profit rose by 39.71 million yuan to 86.43 million yuan[41] - The company's electricity production decreased by 31.37% to 28.507 billion kWh, with sales dropping by 32.06% to 27.741 billion kWh[48] - Hydropower revenue decreased by 40.85% to 4,770.26 million yuan, with a corresponding 6.46% decrease in costs[46] - The company's financial expenses decreased by 20.22% to 569.54 million yuan due to optimized debt structure and preferential loans[42] - The company's operating cash flow decreased by 38.16% to 4,079.05 million yuan, mainly due to reduced operating income[42] - The company's net cash flow from financing activities decreased by 91.62% to -322.91 million yuan, primarily due to reduced debt repayment[42] - Fuel costs for the power sector increased by 34.83% to 1,706,515,869.41 yuan, accounting for 30.16% of total costs, driven by higher thermal power generation[50] - Water and water resource fees decreased by 30.06% to 423,223,927.24 yuan, accounting for 7.48% of total costs, due to reduced hydropower generation[50] - Employee compensation increased by 1.61% to 896,621,732.15 yuan, accounting for 15.85% of total costs[51] - Depreciation costs rose by 3.63% to 2,121,131,518.60 yuan, accounting for 37.49% of total costs, due to new unit operations[51] - Repair costs decreased by 36.65% to 65,560,499.16 yuan, accounting for 1.16% of total costs, due to annual repair plan adjustments[51] - The company's total assets at the end of 2023 were 47.27985 billion yuan, an increase of 4.50% compared to the beginning of the year, with total liabilities of 26.17461 billion yuan and equity of 21.10524 billion yuan, resulting in a debt-to-asset ratio of 55.36%, an increase of 3.94 percentage points[30] - The company's net cash flow from operating activities in 2023 was 4.07905 billion yuan, a decrease of 38.16% compared to the previous year[30] - The company's comprehensive financing cost in 2023 was 2.84%, the lowest among power generation units within the China Datang system, with financial expenses saving 366 million yuan compared to the budget[31] - The company's hydropower water consumption rate decreased by 5.94% year-on-year, generating an additional 830 million kWh of electricity, and the photovoltaic utilization hours ranked first among the top five regional benchmarks[31] - The company's clean energy sources, including hydropower, wind power, and photovoltaic, accounted for 89.79% of its total installed capacity, with hydropower installed capacity reaching 10.2354 million kW, the main source of profit[36] - The company's wind and photovoltaic power generation has gradually formed a scale, while the proportion of thermal power assets has relatively decreased[36] - The company's hydropower average electricity price is lower than other types of power prices, giving it a strong competitive advantage in the power market[36] - The company has accumulated rich experience in clean energy project construction and operation management, with advanced production management levels in hydropower stations[37] - The company has actively participated in the reform of the electricity sales side, establishing a wholly-owned subsidiary and a joint venture with Guangxi Power Grid Company, and participating in the Guangxi Power Trading Center[38] - The company's total online electricity in 2023 was 27.741 billion kWh, a decrease of 32.39% compared to the previous year[70] - The company's market-based electricity trading volume was 7.579 billion kWh, a 14.38% increase year-on-year, accounting for 27.32% of total online electricity[70] - The company's subsidiary, Guangxi Guiguan Power Marketing Co., Ltd., served 214 power users and signed electricity sales of 5.68 billion kWh in 2023[71] - The company's total social responsibility investment in 2023 was 38.669 million yuan, including 29.414 million yuan in funds and 9.255 million yuan in material donations, benefiting 14,856 people[156] - The company's total investment in poverty alleviation and rural revitalization projects in 2023 was 28.95 million yuan, benefiting 8,468 people through education, industry, livelihood, employment, and party building assistance[158] - The company's Duyang Wind Project in Dahua County invested 125 million yuan, with a one-time payment of 8.03 million yuan for land transfer, benefiting 26 natural villages across three townships and transferring 780 acres of land[160] - The company's environmental protection facilities, including desulfurization, denitrification, and electrostatic dust removal systems, have been operating since 2013 and 2014, with ultra-low emission standards achieved for sulfur dioxide, nitrogen oxides, and dust emissions[145] - The company completed the construction of the Hongshui River Middle Reach Fish Proliferation and Release Center, releasing 1.62 million fish of 11 species in 2023, exceeding the designed annual release scale of 1.32 million[152] - The company strictly adheres to ecological flow requirements at its hydropower stations and has developed annual environmental protection plans and long-term ecological plans, including a "Major Environmental Pollution Accident Emergency Plan"[152] - The company's environmental impact assessments and water and soil conservation reports are mandatory for wind and photovoltaic project designs, ensuring compliance with ecological red lines and environmental protection measures during construction and operation[153] - The company's environmental protection facilities are designed, constructed, and operated simultaneously with the main projects, and all construction projects have obtained environmental impact assessment approvals before construction[150] - The company's "Group-style" education assistance in Dahua County helped improve the college entrance examination results, with three students scoring over 600 points and a 2% increase in first-tier university admission rates[160] - The company invested in a new factory in Dahua County, directly creating 200-300 new jobs, helping local residents achieve stable income growth[161] - The company's parent company, China Datang Group, committed to providing new business opportunities in the same industry to the company under fair and reasonable terms, ensuring no substantial competition[162] - The company implemented new accounting policies effective January 1, 2023, resulting in an increase of RMB 10,686,646.17 in deferred tax assets and RMB 10,646,978.00 in deferred tax liabilities as of December 31, 2022[164][165] - The company's net profit for 2022 increased by RMB 39,668.17 due to the adjustment in accounting policies[165] - The company renewed its contract with Tianzhi International Accounting Firm for the fourth consecutive year, with an audit fee of RMB 3,000,000[167] - The company reported no significant litigation, arbitration, or regulatory penalties during the reporting period[169] - The company's controlling shareholders and actual controllers maintained good credit standing throughout the reporting period[169] - Coal procurement service: The company signed a coal procurement service agreement with Datang International Fuel Trading Co., Ltd. for 1.05 million tons, with an estimated transaction amount of 737.1 million yuan (based on a price of 702 yuan/ton). As of the reporting period, the actual transaction amount was 244.16 million yuan, not exceeding the approved plan[170] - Financial and business integration platform maintenance service: The company entrusted Hunan Datang Xianyi Technology Co., Ltd. to provide maintenance services for the integration platform, with an estimated amount of 1.7 million yuan. The actual amount spent was 1.7 million yuan, not exceeding the approved plan[170] - Financial sharing system maintenance service: The company entrusted Hunan Datang Xianyi Technology Co., Ltd. to provide maintenance services for the financial sharing system, with an estimated amount of 1.3865 million yuan. The actual amount spent was 1.359 million yuan, not exceeding the approved plan[170] - Hydropower/new energy technical services: The company entrusted China Datang Group Science and Technology Research Institute Co., Ltd. to provide technical monitoring services for 39 hydropower stations and related technical services for new energy stations, with an estimated amount of 61 million yuan. The actual amount spent was 40.4669 million yuan, not exceeding the approved plan[171] - Thermal power technical monitoring: The company entrusted China Datang Group Science and Technology Research Institute Co., Ltd. to provide technical monitoring and services for 1 thermal power plant, with an estimated amount of 6 million yuan. An additional 3.5 million yuan was approved for major repairs and project acceptance. The actual amount spent was 3.3216 million yuan, not exceeding the approved plan[171] - New energy technical services: The company entrusted Beijing Tanghao Electric Power Engineering Technology Research Co., Ltd. to provide wind turbine oil testing and technical support services for wind and photovoltaic power stations, with an estimated amount of 1.2 million yuan. The actual amount spent was 1.1382 million yuan, not exceeding the approved plan[171] - New energy technical services: The company entrusted Datang Northeast Electric Power Test Research Institute Co., Ltd. to provide technical supervision and support services for 3 wind farms in Guizhou, with an estimated amount of 600,000 yuan. The actual amount spent was 576,000 yuan, not exceeding the approved plan[171] - Wind turbine maintenance and operation: The company entrusted Datang Guizhou Energy Service Co., Ltd. to provide maintenance and operation services for wind turbines and overhead lines in Guizhou, with an estimated amount of 1.1 million yuan. The actual amount spent was 846,400 yuan, not exceeding the approved plan[171] - Material centralized procurement and distribution service: The company entrusted China Water Resources and Electric Power Materials Group Co., Ltd. to provide centralized procurement and distribution services, with an estimated amount of 1.5 million yuan. The actual amount spent was 1.5 million yuan, not exceeding the approved plan[171] - The company's centralized procurement and distribution services for materials amounted to 161,315.00 million yuan, which is 33.6% of the planned 480,667.00 million yuan[172] - Technical consulting services for development and construction projects cost 1,387.00 million yuan, which is 25.8% of the planned 5,377.00 million yuan[172] - Renewable energy technical consulting services cost 1,176.95 million yuan, which is 42.8% of the planned 2,749.00 million yuan[172] - Equipment supervision services cost 1,609.00 million yuan, which is 18.1% of the planned 8,873.00 million yuan[172] - The company renewed its financial services agreement with China Datang Group Finance Co., Ltd., increasing the daily maximum deposit and loan balance from 7 billion yuan to 10 billion yuan[172] - The company plans to invest 12,000 million yuan, representing a 12% stake, in the establishment of China Datang Group Technology Innovation Co., Ltd., with a total registered capital of 100,000 million yuan[173] - The company's deposit balance with China Datang Group Finance Co., Ltd. at the end of the period was 718,912,091.39 yuan, with a deposit interest rate range of 0.35% to 1.15%[174] - The company's loan balance with China Datang Group Finance Co., Ltd. at the end of the period was 1,443,730,000.00 yuan, with a loan interest rate range of 2.8% to 3.95%[175][176] - The company's credit business with China Datang Group Finance Co., Ltd., a subsidiary under the same parent company, amounted to RMB 6,993,000,000 out of a total credit limit of RMB 10,000,000,000[177] - The company reported no significant changes in its share capital structure during the reporting period[182] - The company issued bonds totaling RMB 15 billion with a fixed interest rate of 3.6% in 2020, which were used to repay interest-bearing debts[185] - In 2022, the company issued green bonds totaling RMB 15 billion with an initial interest rate of 2.74%, which were used to repay bank loans of its subsidiary, Longtan Hydropower Development Co., Ltd[186] - The company's total guarantee balance for subsidiaries was RMB 0, with no guarantees provided to shareholders, actual controllers, or related parties[180] - The company issued short-term commercial papers (SCP) totaling RMB 2 billion in 2023 with an interest rate of 2.39%, maturing in 2024[184] - The company issued medium-term notes (MTN) totaling RMB 14 billion in 2022 with an interest rate of 4.0%, maturing in 2024[184] - The company issued energy supply special bonds totaling RMB 5 billion in 2023 with an interest rate of 2.93%, maturing in 2025[184] - The company's total guarantee amount (including guarantees for subsidiaries) accounted for 0% of its net assets[180] - The company's bond issuance in 2022 included an option to adjust the interest rate at the end of the first and second interest-bearing years, with investors having the right to sell back the bonds[186] - The company adjusted the coupon rate of the G22 Guiguan 1 bond to 2.95% for the second year, with a total buyback amount of 1.5 billion yuan[188] - G22 Guiguan 3 was issued with a total scale of 1 billion yuan and a coupon rate of 2.7%, with a 3-year maturity[189] - 22 Guiguan Power SCP001 was issued with a total scale of 600 million yuan and a coupon rate of 1.87%, with a 148-day maturity[191] - 21 Guiguan Power MTN0001 (Revolutionary Old Area) was issued with a total scale of 600 million yuan and a coupon rate of 3.5%, with a 2+N year maturity[192] - 23 Guiguan Power SCP001 was issued with a total scale of 200 million yuan and a coupon rate of 2.39%, with a 60-day maturity[193] - 22 Guiguan Power MTN001 was issued with a total scale of 1.4 billion yuan and a coupon rate of 4.00%, with a 2+N year maturity[194] - 23 Guiguan Power MTN001 (Energy Supply Special Bond) was issued with a total scale of 500 million yuan and a coupon rate of 2.93%, with a 2+N year maturity[195] - 23 Guiguan Power MTN002 was issued with a total scale of 600 million yuan and a coupon rate of 2.84%, with a 2+N year maturity[196] - The total number of ordinary shareholders at the end of the reporting period was 43,103[197] - The top shareholder, China Datang Corporation, held 4,063,487,233 shares, accounting for 51.55% of the total shares[198] - Guangxi Investment Group Co., Ltd. holds 1,758,119,535 shares, accounting for 22.30% of the total shares[199] - Guangxi Investment Group Co., Ltd. had 1,418,000 shares lent out through the securities lending business at the beginning of the period, accounting for 0.0180% of the total shares[200] - Guangxi Investment Group Co., Ltd. had 281,300 shares lent out through the securities lending business at the end of the period, accounting for 0.0036% of the total shares[200] - China Datang Corporation holds 4,063,487,233 shares, accounting for the largest shareholding[199] - China Yangtze Power Co., Ltd. holds 837,621,158 shares[199] - Guoxin Boyuan Investment (Beijing) Co., Ltd. holds 339,547,000 shares[199] - Guizhou Wujiang Energy Investment Co., Ltd. holds 245,889,671 shares[199] - Changjiang Power Investment Management Co., Ltd. holds 107,065,915 shares[199] - Beijing Chengtong Capital Operation Co., Ltd. holds 69,705,603 shares[199

2024年第一季度报告 证券代码：600236 证券简称：桂冠电力 广西桂冠电力股份有限公司 2024 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是√否 ...

2023年第三季度报告 证券代码：600236证券简称：桂冠电力 广西桂冠电力股份有限公司 2023 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是√否 ...

公司代码：600236 公司简称：桂冠电力 广西桂冠电力股份有限公司 2023 年半年度报告 2023 年半年度报告 1 / 209 2023 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李凯、主管会计工作负责人张克岩及会计机构负责人（会计主管人员）卢文忠声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 广西桂冠电力股份有限公司（以下简称"公司"）2023 年半年度实现归属于上市公司股东净 利润 913,234,260.28 元，2023 年 6 月末公司累计未分配利润 4,900,242,287.71 元。以上财务数 据未经审计。 根据《广西桂冠电力股份有限公司章程》关于利润分配的有关规定及 2023 年半年度利润实现 情况，公司 2023 年度中期利润分配议案如下： 以公司 2023 年 6 月末股本 7,882, ...

2023年第一季度报告 证券代码：600236 证券简称：桂冠电力 广西桂冠电力股份有限公司 2023 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人李凯、主管会计工作负责人张克岩及会计机构负责人（会计主管人员）卢文忠保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是√否 ...

2022 年年度报告 公司代码：600236 公司简称：桂冠电力 广西桂冠电力股份有限公司 2022 年年度报告 1 / 283 2022 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 天职国际会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人李凯、主管会计工作负责人张克岩及会计机构负责人（会计主管人员）卢文忠声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经天职国际会计师事务所（特殊普通合伙）审计，广西桂冠电力股份有限公司（以下简称"公 司"）2022 年实现归属于上市公司股东净利润 3,209,101,606.53 元，2022 年末公司累计未分配 利润 5,602,780,328.12 元。母公司 2022 年实现净利润 968,828,554.83 元，母公司 2022 年末累 计未分配利润 2,943,092,563. ...